It can be surprising how many people don’t have a credit history˳ There are actually quite a few older consumers without a very strong credit history˳ They may have never had any credit in their names˳ Many wives find that their credit has always been maintained through their husbands˳ When they apply for something on their own, they have no history˳
Students, young people, newly single women and many older Americans may find that they are in need of a credit history˳ Or perhaps you have already established credit, but it is less than stellar˳ What should you do?
You can’t get credit if you haven’t had credit, but you can’t get it without it! Wow˳ How do you get around that?
There are a few ways˳ The best way is to simply apply for a small loan or line of credit from your local bank˳ Make sure that they will report the information to the credit bureau˳ You can also secure a store credit card˳ These cards do come with a little higher interest rates than other credit cards, but are a good way to build your credit˳ You can often only use the card in one or two different stores˳
To be approved for a credit card, you have to be over 18 and have a job˳ Cards can be fairly easy to get, you simply have to look for the best interest rate˳ You do need to use it to show you can handle credit, but you must pay the entire bill each month˳ This shows that you are financially stable and responsible˳
If you find that your credit isn’t improving much over time, you could consider finding some other ways to get your mortgage˳ You could try to find a larger down payment˳ This will often show the lender that you have more at stake, and would not default on the loan˳
If you don’t have a checking account, it is time to open one˳ Checking and Savings accounts both look well to lenders˳ But you must be sure that you don’t overdraw your bank account˳ Bouncing checks shout that you can’t manage your money and may default on your debts˳
It is a good idea to start thinking like a lender˳ You have to show a well thought out financial plan over an extended period of time˳ If you apply for eight credit cards in three months for the free stuff, lenders will only see that you are desperate to find credit˳ They may also see that other lenders don’t want to lend to you, so why should they˳
It is possible to establish a credit history, it simply takes time˳ Don’t believe anyone who says that they can quickly get you a good credit score or history˳ It isn’t true˳ It just takes time, paying your bills on time and making wise credit decisions˳ Good Luck˳
Source by https://ezinearticles˳com/?How-to-Establish-Good-Credit&id=204003
